Is Singapore offshore?
Singapore is included in the list of offshore due to the lack of rates on taxation of income from sources abroad. At the same time, the former British colony establishes a 22 percent system of collection of funds to the budget in relation to the profit of local companies on a territorial basis. However, the country's legislation does not officially stipulate that the state allows offshore business.
Requirements for companies
To organize an offshore in Singapore, you must meet the conditions:
• Founders may be two citizens, one of whom must be in Singapore’s nationality.
• The status of participants does not include legal entities, but only individuals.
• When creating a joint stock company, it is allowed for one of the investors to be a company.
• The secretary must have a residency in Singapore, that is, permanently reside in the country.
• Bearer shares are not issued by such institutions.
• Nominal service allowed.
• Every day, an audit is required, conducted by a Singaporean accredited specialist.
• An annual meeting of shareholders is appointed.
The country is distinguished by corporations in compliance with the high international standards.
For securities, the following conditions must be met:
• a share may be issued one or more;
• it must be all named;
• maximum volumes are not limited;
• grades are allowed: with right and without vote, regular and with privileged status;
• any currency is allowed;
• recommended amount - from $ 50,000;
• it is not necessary to pay capital, only confirmation is possible;
• minimum deposit - from 1 US dollar;
• accounting is kept;
• Reporting is transmitted to authorized entities with a turnover of more than $ 5 million per year or the establishment of a company;
• transactions with currencies are not controlled.
When organizing a society, it is forbidden to use names or words that refer to the authorities of Singapore, government or political names. For the establishment of companies with a brand name with the inclusion of Bank, Assurance, Re-Insurance, Investment Fund, Insurance, Fund Management, Chamber of Commerce requires mandatory state accreditation.
The main advantage in favor of creating an offshore is a high reputation in the world market, ease of creation and lack of control by government structures with a turnover of up to $ 5 million.